FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
COMPANY INFORMATION
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
CONTENTS
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The Directors present their report and the financial statements for the year from 1 December 2022 to 30 November 2023.
The company has become well established in the housing sector since inception on 1 August 2021.
In this reporting period, Alliance Groundworks and Civils Limited has demonstrated remarkable growth and resilience within the dynamic landscape of the UK construction market by providing the highest levels of safety and expertise. Specialising in residential groundworks for prominent housing developers in the East and West Midlands, our strategic initiatives have positioned the company as a key player in the industry.
Through substantial investments in plant and machinery, coupled with the strategic recruitment of experienced personnel, Alliance Groundworks and Civils Limited has not only met but surpassed the expectations set for its second full trading period. Our headquarters in Lichfield serves as a hub for operational excellence, allowing us to efficiently cater to the needs of blue-chip housing developers.
The establishment and nurturing of strong relationships with both customers and the supply chain have been instrumental in our success. We pride ourselves on delivering high-quality services, reflecting our commitment to excellence and customer satisfaction. As we continue to solidify our market presence, we are well-positioned for sustained growth and success in the UK construction sector. The success of the business is underpinned by a dynamic leadership team focusing on continued employee development and building relationships with our supply chain.
Market risks
While the construction industry inherently carries risks, Alliance Groundworks and Civils Limited has implemented robust strategies to mitigate potential challenges. Economic fluctuations and changes in government policies regarding the UK Housing Market are recognised risks, and we actively monitor and adapt to such dynamics. In the construction domain, health, safety, and environmental considerations are paramount. To address these concerns, we consistently invest in key staff and training, ensuring that our operations not only meet industry standards but exceed them. Liquidity risks The company is well placed to manage financial risk by ensuring that the available liquidity meets its future cash demands.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The Company is laying the foundations for a future marked by environmental consciousness and sustainability. We are dedicated to shaping a business model that prioritizes responsible practices and minimizes our impact on the environment.
Recognizing the significance of renewable energy, we are actively exploring opportunities to integrate clean energy sources into our operations. We are beginning this through implementation of solar panels within our new premises and through a push towards hybrid and electrical vehicles. As we embark on our sustainability journey, we are proactively planning waste reduction measures to minimize our environmental footprint. We are committed to achieving a significant reduction in construction waste as we mature as a company. We are dedicated to building a sustainable future for both our business and the planet, and we look forward to sharing our progress as we evolve.
Alliance Groundworks and Civils Limited has achieved impressive financial results, underscoring our fiscal strength and prudent management. Key performance indicators for this reporting period are presented below. These indicators not only highlight our robust financial standing but also highlight our commitment to maintaining healthy profit margins. Our strategic financial management and focus on efficiency have contributed to these results, reinforcing our position as a financially sound and sustainable player in the UK construction market. As we look ahead, our positive outlook remains unwavering, and we are poised for continued success and growth.
This report was approved by the board and signed on its behalf.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The Directors present their report and the financial statements for the year ended 30 November 2023.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £4,020,864 (2022: £2,605,775).
Dividends of £167,000 (2022: £85,000) were declared and paid in the period to shareholders.
The Directors who served during the year were:
The Directors are resolutely committed to fostering the continued growth of the Company, steering its expansion in a manner that is both controlled and sustainable. This strategic approach is underpinned by a steadfast commitment to upholding the exemplary standards for which the Company is widely recognised.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The Company has marked an exceptionally successful second period of trading, showcasing robust profitability and generating substantial cash flow. Beyond the historical performance, the Directors have meticulously scrutinised budgets and forecasts for the upcoming 12 months, commencing from the approval of the financial statements. Given the profits realised by the Company, coupled with prudent financial planning, there is a firm belief that the Company possesses ample resources to navigate the foreseeable future with confidence.
In light of these factors and the unwavering profitability of the Company, the Directors hold a positive and optimistic stance regarding the Company's continued viability. Consequently, the Directors affirm their unwavering commitment to the going concern basis in the meticulous preparation of the financial statements. This decision is reflective of the Company's strong financial standing and poised trajectory for sustained success. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
There have been no significant events affecting the Company since the period end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED
We have audited the financial statements of Alliance Groundworks and Civils Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment and business performance;
∙We have considered the results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities within the entity
∙We have considered any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
∙We have considered the matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included occupational health and safety regulations, and employment legislation. Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; enquiring of management and those charged with governance concerning actual and potential litigation and claims;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and
∙assessing whether the judgements made in making accounting estimates are indicative of a potential bias
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALLIANCE GROUNDWORKS AND CIVILS LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
1-3 College Yard
WR1 2LB
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
REGISTERED NUMBER:12590255
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Alliance Groundworks and Civils Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The registered office and principal place of business is Block 3, Latchford House, Shenstone Business Park, Lynn Lane, Shenstone, Lichfield, WS14 0SB.
The principal activity of the Company is groundworks and civil engineering. The prior year accounting period was for 18 months from 1 June 2021 to 30 November 2022.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has marked an exceptionally successful second period of trading, showcasing robust profitability and generating substantial cash flow. Beyond the historical performance, the Directors have meticulously scrutinised budgets and forecasts for the upcoming 12 months, commencing from the approval of the financial statements. Given the profits realised by the Company, coupled with prudent financial planning, there is a firm belief that the Company possesses ample resources to navigate the foreseeable future with confidence.
As at the 30 November 2023 the balance sheet shows a net current asset position of £709,828 which includes debtors due after more than one year of £1,799,328. The directors have produced cashflow forecasts and are confident they have sufficient cashflow to meet their liabilities as they falls due.
In light of these factors and the unwavering profitability of the Company, the Directors hold a positive and optimistic stance regarding the Company's continued viability. Consequently, the Directors affirm their unwavering commitment to the going concern basis in the meticulous preparation of the financial statements. This decision is reflective of the Company's strong financial standing and poised trajectory for sustained success. Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a consistent basis to reflect the proportion of the work carried out at the period end, by recording turnover and related costs as contract activity progresses. Turnover is calculated based on the stage of completion of each contract which is derived from surveys of work performed. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (continued)
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.ACCOUNTING POLICIES (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgments and key sources of estimation uncertainty that the Directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Revenue recognition When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion of each contract which is derived from surveys of work performed. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. In determining the stage of completion, the Company has appropriate systems for surveying, cost estimating, forecasting, and revenue and costs reporting. The system also requires consistent judgement (forecasting) of the final outcome of the contract. Estimates are an inherent part of this assessment and the actual future outcome may deviate from the estimated outcome.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The whole of the turnover is attributable to the principal activity described in Note 1.
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 21
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
12.TANGIBLE FIXED ASSETS (CONTINUED)
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Page 23
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charges represents contributions payable by the Company to the fund and amounted to £25,830 (2022: £6,251). Contributions totalling £
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ALLIANCE GROUNDWORKS AND CIVILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
There is no ultimate controlling party.
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